Saad Ullah
⬤ Copper is trading around $6.06 after running into a ceiling at $6.15 on the daily timeframe. That level has acted as a clear horizontal resistance zone - price tagged it, then reversed. The chart places copper inside a rising broadening wedge, with well-defined trendlines marking both the upper resistance and the lower support of the longer-term uptrend.
⬤ Friday's candle printed a textbook shooting star - a classic sign of responsive selling and profit-taking at a well-established ceiling rather than any real breakdown in trend. Despite the short-term slip, copper continues to hold above both the 50-day and 200-day exponential moving averages, keeping the broader structural picture intact. Bulls are still defending support zones, and consolidation near these levels looks like a pause rather than a reversal. Copper Price Analysis: 1.6% Rally Tests $6.05 Resistance Level showed similar dynamics during the previous advance.
A decisive close above $6.15 could unlock further momentum and signal strength for the continuation of the rising wedge pattern.
⬤ This isn't the first time copper has bumped into resistance just above current prices. The metal has repeatedly tested horizontal ceilings near these levels while holding major support in the $5.50-$5.70 range. Analysts watching the market treat these zones as pivotal checkpoints for sustaining momentum within the uptrend. For more context on how supply dynamics are adding pressure to price action, see Copper Futures Hit $5.93 as 10-Million-Ton Supply Gap Story Gains Steam.
⬤ Copper carries weight well beyond its price chart - it's widely tracked as an industrial barometer, and how it handles resistance and support often shapes broader commodity sentiment. A confirmed break above $6.15 would signal continuation of the rising wedge and open the door for further gains. Repeated rejection, on the other hand, would likely extend the sideways range near current levels. With chart structure still solid and key supports holding, the next breakout attempt will set the directional tone across base metals. Background on inventory levels adds further context: Copper Price Holds Near $5.97 as U.S. COMEX Stockpiles Hit 30-Year High.
Saad Ullah
